4th Nov 2013 14:41
LONDON (Alliance News) - Floor coverings distributor Headlam Group PLC Monday said that it is to acquire the business and certain assets of Yorkshire-based carpet distributor Fell's Carpets, owned by Roger Fell Ltd.
Headlam said that the acquisition is for an initial consideration of GBP1.3 million, with a further GBP50,000 payable depending on the fair value of the assets acquired.
The acquisition is expected to be completed on November 29. Headlam Will transfer Fell's sales, marketing and logistics activities to its own facility in Gildersome in Leeds, whilst maintaining the identity of Fell's Carpets.
The decision is subject to consultation with Fell's Carpets employees.
Fell's Carpets reported revenues of around GBP6.7 million for the year ended April 30.
Shares in Headlam Group were trading 1% higher Monday afternoon, at 392.00 pence per share.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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